A report by the African Chamber of Energy estimated Libya’s maximum oil production capacity at about 1.8 million barrels per day (bpd) by 2024, even if elections are held and political stability prevails in the country.
The expectations of the African Chamber for Energy issued at the beginning of this year came after the Government of National Unity said it hoped to produce three million bpd after two or three years.
The African Chamber for Energy confirmed that Libya will witness a growth in its production capacity in 2023, saying: “This year, Libyan oil production could reach 1.3 million bpd, after averaging 1.12 million bpd in 2022.”
Since the end of August 2022, Libya has been pumping close to or even above 1.2 million bpd, a level last seen before the port blockades that began in the spring of 2022.
According to an overview of Africa’s upstream sector by the African Energy Chamber, “Total and Eni are ‘close’ to finalizing oil production deals with Libya, where BP is also due to begin new onshore drilling. These reassuring signs all address the other major challenge shared by Libya, Angola, and Nigeria: Lack of new projects and foreign investment.”
